A new investment fund structured by JPMorgan Chase & Co. (NYSE:JPM) and
the Bill & Melinda Gates Foundation will, for the first time, allow
individual and institutional investors the opportunity to finance
late-stage global health technologies that have the potential to save
millions of lives in low-income countries.

With $94 million committed by a pioneering group of investors –
including anchor support from Grand Challenges Canada (funded by the
Government of Canada), the German Ministry for Economic Cooperation and
Development (acting through KfW) and the Children’s Investment Fund
Foundation – the Global Health Investment Fund (“GHIF” or the “Fund”)
will help advance the most promising interventions to fight challenges
in low-income countries such as malaria, tuberculosis, HIV/AIDS and
maternal and infant mortality. To help mitigate the risk of investing in
the clinical development of new technologies, the Gates Foundation and
the Swedish International Development Cooperation Agency have committed
to partially offset potential losses in the Fund, which will seek a
financial return for investors by targeting high-impact technologies
with public health applications in both developed and emerging markets.

“The Global Health Investment Fund demonstrates the potential for
innovative collaborations and thoughtful financial structures to
mobilize new sources of capital for social challenges,” said Jamie
Dimon, Chairman and CEO of JPMorgan Chase & Co. “This product brings a
diverse group of investors together around the shared objective of
developing life-saving technologies in a financially sustainable way.”

LHGP Asset Management (“Lion’s Head”), a London-based asset manager
specializing in sustainable development, will be responsible for
originating, managing and exiting GHIF portfolio investments. In
addition to the anchor supporters, the Fund’s investor group includes
organizations such as the International Finance Corporation,
GlaxoSmithKline, Merck, The Pfizer Foundation, Storebrand and JPMorgan
Chase, in addition to qualified individuals and family offices.

“We invest in global health because we know that when health improves,
life improves by every measure,” said Bill Gates, Co-Chair of the Bill &
Melinda Gates Foundation.

Private sector financing for global health research and development is
more important than ever. Philanthropy, government funding and
pharmaceutical industry support have built a remarkable pipeline of
global health innovations—with as many as 200 new products currently
under development—but late-stage clinical trials are costly and
development expenses are outpacing charitable support. Traditional
investment capital can play a meaningful role in solving this problem,
particularly when it is supplied by investors who include the expected
social impact of their activities in their return calculations.

“This innovative fund is mobilizing financing for medical advances that
could potentially save millions of lives,” said World Bank President Jim
Yong Kim. “It shows that we can align the needs of investors with the
need for cures for diseases which cause so much suffering in developing
countries."

The GHIF will invest in new drugs and vaccines, emerging diagnostic
tools, child-friendly formulations of existing products, expanding
manufacturing capacity and other applications that will help bring
affordable technologies to those most in need.

“Innovation and investment in global health research and development are
the way forward in tackling pressing health challenges and delivering
meaningful results for those most in need around the world,” said the
Hon. Christian Paradis, Canada’s Minister of International Development.
“This Fund is blazing the trail, and Canada is proud to have played a
key role in its establishment.”

“Millions of children die each year or suffer from debilitating
conditions because the right treatment does not exist for them,” said
Jamie Cooper-Hohn, Chair of the Children’s Investment Fund Foundation
(CIFF). “Relatively little investment goes to the development of new
drugs, vaccines and diagnostics specifically targeted at children in
developing countries where child mortality is most dire. CIFF is very
pleased to be a major investor into the Global Health Investment Fund,
which promises to deliver new finance and focus to this neglected area.”

Additional Partner Endorsements

Christopher Egerton-Warburton, GHIF Fund Manager: “GHIF joins
the family of innovative financing mechanisms in global health.
Although this is the first investment fund dedicated to global health
R&D, we hope this will serve as a pilot for future funds of this type
in global health and other sectors.”

Charlotte Petri Gornitzka, Director General, Swedish International
Development Cooperation Agency (Sida): “Sweden and Sida are
excited to be part of this groundbreaking initiative where private
capital is put to work for development. It shows the magnitude of
results that can be reached when aid, business and philanthropy work
hand in hand.”

Dr. Norbert Kloppenburg, KfW Executive Board member: "Thanks to
the Fund, more people will have access to improved health care—while
at the same time a financial return will be generated for investors.
The projects supported by the fund will improve the health status of
many people, especially women and children, and will thus contribute
to poverty alleviation."

Dr. Moncef Slaoui, Chairman Vaccines and R&D, GlaxoSmithKline: “I
am convinced the GHIF will be instrumental in helping bring cutting
edge innovation and solutions to diseases of the developing world and
this is one reason why we are participating. This collaboration
demonstrates that with an innovative structure, a fund with a
humanitarian focus can appeal to a broader range of investors.”

Jeffrey A. Chodakewitz, MD, Vice President, Global Clinical
Development, Merck: “As the first investment fund dedicated to
global health R&D, GHIF has the potential to make a real impact on the
health of underserved populations. The Fund’s unique ability to
advance science while seeking to provide a reasonable return to
investors aligns closely with Merck’s own commitment to discovering
innovative solutions to the world’s greatest health challenges in a
sustainable way.”

Caroline Roan, President, The Pfizer Foundation: “We are proud
to join an esteemed, diverse group of partners to further global
health through this innovative funding source. The GHIF’s investments
will expand access to health care, save lives and foster new
possibilities for communities of people that grow from improved health.”

Jonas Ahlen, Investment Manager, Storebrand: "We are excited to
be part of GHIF as it gives our clients exposure to a new and
attractive investment class, while at the same time improving the
lives of poor people. We are proud to contribute to global health
access through this ground breaking transaction, and hope we can
inspire other institutional investors to consider this sector."

For additional background on the Fund and the organizations involved,
please visit www.GHIF.com.

This press release does not constitute an offer or solicitation with
respect to interests in GHIF or any other securities. Offers and sales
of interests in GHIF have not and will not be registered under the U.S.
Securities Act and such interests may be sold only to accredited
investors. Neither the U.S. Securities and Exchange Commission nor any
other regulatory authority has passed upon the merits of an investment
in GHIF or the accuracy or adequacy of this press release. Interests in
GHIF are not subject to the protections of the U.S. Investment Company
Act of 1940.

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